Shares in DoorDash were down 11 per cent to $116.95; shares in AppHarvest were down 13.2 per cent to $3.550 and shares in Balchem were also down, 4.4 per cent toÂ $148.62.
Shares in delivery app DoorDash were down 11 per cent to $116.95 this week, according to the FutureFoodFinance FoodTech Index.
Shares in DoorDash are down over 25 per cent since the start of January and even further down on its November highs when its share price hit a November peak of $227.87.
The fall comes despite DoorDash reaping the benefits from stay-at-home trends during coronavirus as restrictions meant people switched from eating out to food delivery services.
Interpretations as to the recent share price malaise of DoorDash, which in November posted better than expected revenue growth in its latest quarter and announced the $8.1bn acquisition of food delivery platform Wolt, vary.
Forbes, for example, points to its stock being impacted by some technical factors.
It says "investors are likely rotating out of richly valued pandemic winners into value stock as the Federal Reserve plans multiple rate hikes through 2022 to combat surging inflation. DoorDash, which trades at about 9x 2021 revenues and has yet to turn profitable, has likely been impacted by this shift”.
Investor concern about the feverish competition in the delivery market has also been highlighted, including potentially Amazon and Walmart entering the food delivery space.
“Generally known as the last-mile delivery market. But as it enters this market, DoorDash starts to compete with the big winners of the last decades.”
“I think the meaning of these words is clear. With Walmart (and Amazon possibly) scaling in the same-day grocery delivery market, adding serious food delivery to the offering can be hugely valuable. If Amazon enters food delivery legitimately, DoorDash's stock can fall much further."
Elsewhere this week, shares in AppHarvest were down 13.2 per cent to $3.55.
AppHarvest shareholders have had a torrid 12 months, falling from $24.95 to $3.55 to the year ending January 21, 2022.
This US-listed business is busy building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia.
It has only been public, via a SPAC, for around a year, so it could well turn around its fortunes over the long-term.